Sallie Mae is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
What is Sallie Mae?
Sallie Mae is a leading bank in education financing. They also offer money market and savings accounts. The company is publicly traded under the symbol SLM and has served millions of students and families to help them pay for college. They offer a variety of private student loans that fill the gap when financial aid is not enough.
Their student loan products include:
- Undergraduate student loans
- Graduate student loans
- Loans for professional students (medical school, law school, business school)
- Career training loans
Sallie Mae Customer Service
Sallie Mae has been recognized by J.D. Power as a Certified Customer Service Organization, providing a high level of customer satisfaction and an A+ BBB rating.
Sallie Mae prides itself on great customer service and operates all of its call center operations in the United States. They are also committed to promoting diversity in higher education and advancing social justice.
Apply for a Sallie Mae Private Student Loan
Edvisors (Edvisors Network, Inc.
) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans.You can read full Advertiser Disclosure here.
- Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
- Applying online is easy - you could receive a credit result in about 10 minutes.2
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income -based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3Based on a comparison of the percentage of students who were approved for any Sallie Mae loan with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a total loan cost of $23,134.44. For a borrower with the longest loan term, it works out to 10.38% fixed APR, 51 payments of $25.00, 179 payments of $150.72 and one payment of $45.51, for a total loan cost of $28,299.39. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 11/25/2025.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
© 2025 Sallie Mae Bank. Sallie Mae loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. W646400 0325
Sallie Mae Loans
Sallie Mae provides a diverse range of loan products, catering to various educational stages from undergraduate to residency and relocation. These loans serve as a supplement federal student aid, offering competitive terms with low interest rates and minimal fees.
Loans for Students
Sallie Mae Smart Option Student Loan ®
The Sallie Mae Smart Option Student Loan® is a private loan that can be used to help pay for undergraduate and graduate school. Your college or university needs to be a degree-granting institution to qualify. Students are encouraged to apply with a creditworthy cosigner; especially if there is a lack of robust credit history or proof of income.
Career Training Smart Option Student Loan®
If you attend a non-degree granting school and need financing, the Career Training Smart Option Student Loan is something to consider. Designed to assist with trade programs (i.e. technical, medical, culinary) and professional training, you may be able to borrow up to the full cost of your educational program.
Sallie Mae Graduate Loans
Graduate loans are another offering from Sallie Mae. If you are enrolled in a graduate (i.e. post-baccalaureate) or professional program, or if you need financing for medical residency or bar study here are some options available to you:
- Sallie Mae® Medical Student Loan
- Medical Residency and Relocation Loan
- Sallie Mae® Dental School Loan
- Dental Residency and Relocation Loan
- Sallie Mae® MBA Loan
- Bar Study Loan®
- And more...
How Do I Apply for a Sallie Mae Student Loan
Applying for a Sallie Mae loan is easy. First, you can enter your school to see if it matches the approved list of schools for which Sallie Mae offers financing. Then simply click on “Apply Now” to be taken to the application page.
Be prepared to provide information that will help Sallie Mae determine your eligibility. And remember that you can always apply with a cosigner to improve the odds of getting approved, or to potentially qualify for a lower rate.
Sallie Mae Cosigner Release
If you need a cosigner to take out a student loan, you may be interested in a lender with cosigner release.
Sallie Mae offers an option for a cosigner to be released from the loan. You are eligible to apply once you’ve made 12-months of on-time regular payments—meaning principal and interest—and can demonstrate that your credit is strong without a cosigner present.
You must be a U.S. Citizen or U.S. Permanent Resident, as well as meet the age of majority.
Additionally, you will need to:
- Demonstrate your income,
- Provide proof of graduation or certificate of completion (whichever applies).
- Pass a formal credit check.
- Other conditions may apply.
Pros and Cons of Sallie Mae Student Loans
When choosing any private student loan product, you should think about the pros and cons. Here are some things to consider for Sallie Mae.
| Pros | Cons |
|---|---|
| Competitive interest rates and fees | Lowest advertised rates may not be what you qualify for; your rate could be higher based on credit history. Cosigners are often needed. |
| A variety of loans for undergraduate and graduate/professional students | No federal protections (meaning there is no government assistance or forgiveness programs) |
| Multiple repayment options, including interest-only while in school | No income-driven repayment plans |
| Experienced and innovative lender with a long track record. Winner of the 9th Annual Shorty Impact Awards for their Lo-Fi study music, "Sound Mind". | |
| They offer more than just student loans | |
| Cosigner release is available | |
| Outstanding customer service |
Refinance Sallie Mae Loans
If you’re looking to refinance your student loans through Sallie Mae, unfortunately this is not an option. This is because Sallie Mae no longer offers a refinance loan product.
You can check out this list of student loan refinance lenders to find a company to help you. You’ll be able to compare available interest rates, repayment terms, borrower benefits and other information that can help you make an informed decision.
You may also want to calculate the effects of refinancing by using our Student Loan Refinance Calculator.
How Sallie Mae Gives Back
Sallie Mae is known for being a philanthropic organization and prides itself on community involvement. Since 2021, Sallie Mae awarded nearly $4 million in their Bridging the Dream Scholarship program. And in 2023 they committed a $1 million research grant to Delaware State University for a 3-year pilot programs to help narrow the completion gap. This is in addition to other, ongoing charitable donations. Sallie Mae also has a formal Employee Volunteer Program.
Additionally, Sallie Mae has raised awareness about the need for financial literacy via award-winning nationwide tours. They help to educate high school students on the importance of going to college and how to pay for it.
Sallie Mae Headquarters
Sallie Mae is a consumer bank with corporate offices in Newark, Delaware. They also operate satellite offices in other locations. They have approximately 1,800 employees in the company.
